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Solana’s price has experienced fluctuations reflecting the overall sideways movements of the cryptocurrency market. Following a recent peak, SOL has shown significant volatility. Experts are closely monitoring key support levels and forecasting a potential breakout towards $420. Market sentiment remains mixed as traders await confirmation of the next major move.
Potential for Significant Increase
The price of Solana 
$141 exhibits a model resembling previous rallies. After experiencing a 50% pullback during the recent uptrend, SOL is advancing towards the 100% expansion level. Experts note that a similar setup is being observed and indicate early signs of support forming in the current pullback zone.
If SOL maintains this critical level, a potential bounce towards the 100% Fibonacci expansion is anticipated. This level signifies a target price of approximately $420. Historical trends indicate that pullbacks of this magnitude often lead to significant rallies.
How Major Solana Transfer Affects the Market?
Whale Alert reported a transfer of 694,746 SOL worth $165.25 million between two unidentified wallets on January 31, 2025.
Whale Alert: 694,746 SOL (165,250,353 USD) transferred from an unknown wallet to a new wallet.
This transaction has triggered speculation in the market. Large movements of this scale in cryptocurrency often signal potential market shifts, encouraging traders to monitor possible price fluctuations for Solana (SOL).
As of writing, the SOL price hovers around $235.26, showing a 2% decline in the last trading session. The token is facing resistance at $260, while support remains around $235. Despite previous attempts to rally, SOL struggles to gain momentum and continues in its consolidation phase.
The Relative Strength Index (RSI) is at 42, indicating no extreme buying or selling pressure. The Moving Average Convergence Divergence (MACD) provides a slight bullish signal, with the MACD line at 0.67 above the signal line. Falling below this level would bring the next critical support around $200. Conversely, breaking above $260 could set the stage for a jump towards the $300 target.
Traders consider that an upside breakout above $260 could trigger a rise towards the $420 target. However, breaking any support level at any point increases downside risks. Solana’s price continues to be monitored based on current technical indicators and significant transfer movements.
